A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations, so you should read the relevant state statutes if you are interested in forming an LLC.

Owners of an LLC are called members. Most states do not restrict ownership, so members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit single-member LLCs—those having only one owner.

A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your state’s requirements and the federal tax regulations for additional information. There are special rules for foreign LLCs.

In South Dakota, a Limited Liability Company (LLC) is a popular business structure due to its flexibility and protection for its members against personal liability for business debts. The state statutes governing LLCs in South Dakota allow for any individual, corporation, other LLCs, and foreign entities to be members of an LLC, without a limit on the number of members. This includes the allowance for single-member LLCs. The formation of an LLC in South Dakota involves filing Articles of Organization with the South Dakota Secretary of State and paying the required fee. While most types of businesses can be structured as LLCs, certain regulated industries such as banks and insurance companies may be excluded. It is important for anyone interested in forming an LLC in South Dakota to review both state statutes and federal tax regulations, as there may be specific requirements and implications for taxation. Additionally, foreign LLCs that wish to operate in South Dakota must register with the state and may be subject to special rules.